Balance Sheet January 1, 2021 Assets Equities Cash $86,588 Accounts Payable $214,833 Accounts Receivable 10,437 Wages Payable 1,350 Inventory 157,185 Notes Payable 33,226 Prepaid Rent 6,300 Paid-In Capital 272,959 Equipment Total Assets 328,683 $589,193 Retained Earnings 66,825 Total Equities $589,193 The following summary transactions occurred during 2021: borrowed $4,566 from the bank purchased $261,640 of merchandise on account and $160,360 for cash sold merchandise for $454,671 on account and $267,029 for cash; the merchandise cost $382,501 agreed to a five-year rental lease for $8,000 and paid $1,600 in advance received $223,186 from customers for merchandise previously sold on account Note: For the questions below, ignore adjusting entries on December 31, 2021. 6. What was the cash balance on December 31, 2021? A: $328,459 OB: $371,158 C: $419,409 Submit Answer Tries 0/99 D: $473,932 E: $535,543 F: $605,164 7. What was total owners' equity on December 31, 2021